Family finances

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Terms and Conditions
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Table Of Contents
Foreword
Chapter 1:
Family Finance Basics
Chapter 2:
Put Together A Family Meeting For Financial
Goals
Chapter 3:
Evaluate Your Financial Standing
Chapter 4:
Eliminate Extra Spending
Chapter 5:
Find Ways To Have Cheap Fun
Chapter 6:
Get Financially In Sync With Your Partner
Chapter 7:
The Dangers Of Not Getting Your Finances In
Order
Wrapping Up

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Foreword
Family budgeting is very different from the budget requirements of a
couple. The needs of a family unit differ greatly from that of a couple
without the commitments of having children. Get all the info you
need here.
Family Finances
Great Ideas For Family Finance Planning

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Chapter 1:
Family Finance Basics
Synopsis
A good and fully comprehensive family finance planning exercise
should ideally include items such as dreams, goals, resources and
responsibilities of the entire family unit.
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The Basics
This is to ensure all possible bases are cover for the long term
planning, thus creating a better overview of the future direction the
family should take.
This is also a good way to design the path and work toward the goals
set as a family unit. The positive element often enjoyed by this form of
planning would include all parties working together and gaining good
and practical experiences along the way.
In a lot of cases, the planning of the family budget both in long term
and short term formats help to bring the family closer and more
capable of handling hiccups along the way.
Family finance planning basics should also ideally take on the
element of creating a comfortable leeway for unwanted surprises that
are almost certain to happen along the way as the family grows and
evolves.
Learning how inspire the family to go along with the expenses
prepared is also another important element that can be experienced
with the planning exercise.
The entire family will learn to adapt the respective needs and
indulgences according to the financial plan drawn. Having
discussions and being clear on the financial situation of the family
will help instill a sense of responsibility with each family member

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thus ensuring all work as one unit to make the financial commitment
of the family manageable.
The other benefit of family financial planning is also to get the
children involved at a very early age, in the various components,
commitments and sacrifices the parents would be making on their
behalf so that they are able to enjoy a better quality of life.

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Chapter 2:
Put Together A Family Meeting For Financial Goals
Synopsis
Getting the family involved at some level of the family financial
planning and goal settings will be beneficial to all parties, especially
the kids, as they will be able to see firsthand just what it entails to run
a family successfully and comfortably.
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Talk About It
The perseverance and commitment needed to create a suitable and
workable family financial plan will also create a new appreciation
by the children for the parents for their willingness to share the
fruits of their labor with their children.
Ideally this should be achieved through the arranging of a family
meeting to work out the details of the financial goals for the family
unit. The following should be some of the elements included in the
process of the family meeting for finance planning:
A meeting should be called to discuss the aspirations and goals the
family should be working towards as a unit. There should be some
level of encouragement for all participating members of the family
to be able to express their own individual opinions without
reservations.
The key to raising children who are conscious and careful about
spending habit is to inculcate very early on in life the merits of
budgeting and sticking to the budget designed.
Items such as college funds, car upgrades, large house expenses,
retirement funds should all be discussed and clearly outlined for
all the members to be encouraged to understand the general
commitments of the family income.

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Getting all the relevant document such as financial records and
then taking the time to evaluate the financial situation honestly
will help greatly in the eventual financial planning stage.
Getting all the family members to be willing to eliminate any
unnecessary expenses and frivolous spending is also another
positive attitude to encourage through the family meeting.

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Chapter 3:
Evaluate Your Financial Standing
Synopsis
It would be a good idea to practice periodic financial evaluation for
the better understanding of the family’s financial standing. This is
also important; as it will help the family make the necessary
adjustments should there be a need for such changes.
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Where Are You
The net worth of a family is always changing and this is mostly due
to outside factors that are beyond the control of the family unit.
Therefore periodic evaluation exercises will help the parents better
adjust to these changes and make informed decisions of the future
of the family’s financial standing.
Sometimes this may include the need to make some cut backs on
spending or it may also present some positive saving of which the
family may decide to enjoy immediately, or even the prospect of
reinvesting any access finances for further gain.
All these decisions can only be done when the whole family is
committed to positively contributing to the general finances of the
family.
When the help of the whole family is enlisted, any small progress
or saving can have quite a liberating effect on the family unit as a
whole, as it will help to show the positive results of a family
working together for the better good of all.
The motivation that can be gotten out of the family unit being able
to manage their finances will is also another positive outcome from
this type of family cooperation.

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Through the evaluation process of the current financial standing of
the individual and the family unit as a whole, other decisions on
investment can be made.
If the financial situation allows for a bigger investment portfolio
without adversely affecting the current spending power of the
family, then such opportunities should be capitalized upon.
However as in all commitments, some caution should be exercised,
so as not to over extend one’s self.

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Chapter 4:
Eliminate Extra Spending
Synopsis
Sometimes after and evaluation has been done on the family’s
financial situation, it is found that some changes needs to be made in
order for the family to function comfortable without getting into
debts. This would require an in depth study of the current spending
habits of the family and also reviewing where changes can be made.
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Get Rid Of Extras
The following are some suggestions on how to go about successfully
eliminating extra spending without causing undue inconvenience and
stress:
Perhaps the first step to initiate would be to compile a list on exactly
how the income is being spent.
By determining where the money is being spent, the individual or the
family unit will be able to work as a team to identify areas where cut
backs are possible and workable.
Once these areas have been identified, the next step would be to
actually start making the changes as soon as possible so that
immediate overall financial commitments can be decreased.
This would include unnecessary purchases and indulgences that are
no longer totally necessary and considered frivolous. The most
effective and quick way to being spending under control would be to
go shopping with a list compiled of needs rather than wants, and to
diligently stick to the list no matter what bargains are available for
items not on the list.
Cutting down on entertainment, especially when it is done in an
expensive manner is another way to eliminate extra spending. Instead
of going out on the town, arrange to have home parties where
everyone chips in for food and drinks.

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This will not only be an adventurous way of entertaining but would
probably be better than some noisy nightclub or expensive restaurant
where the bill does not really justify the food ordered

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Chapter 5:
Find Ways To Have Cheap Fun
Synopsis
Although some people may scoff at the idea of “cheap fun”, this is
often the most enjoyable time people will attest to experiencing. The
idea is to be able to have fun without the whole episode costly such a
huge amount of money that the possibility of chalking up debts is very
real indeed.
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Having Fun
The following are some great ways to have fun without breaking the
bank:
It is not always necessary to stay home to have cheap fun. There are
places the family unit can go together without actually having to incur
a lot of costs.
One of the most popular ways would be to go on a picnic. Packing
food from home would be the first step in saving cost and licking a
location that is both safe and conducive yet near enough not to incur
transportation costs would be another plus.
Going on a nature hike is also another cheap way to have fun. Here
the family unit will be able to enjoy the exercise together and at the
same time learn to appreciate the outdoors and all its many
fascinating elements it has to offer for free.
If the family unit is very fond of reading, a trip to the library where
hours of reading fun can be experienced for free is another option to
enjoy.
This would be cost effective as purchasing material to read can be
rather expensive and not really worth the cost it can chalk up in the
long run. For those who are culturally inclined, going to the museum
and various cultural exhibits would also be comparatively cost
effective.

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Other activities such as kite flying, going to the beach, walking in the
park, playing outdoor games can all be good and cheap, yet great
family building activities to indulge in.

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Chapter 6:
Get Financially In Sync With Your Partner
Synopsis
Being able to achieve some level of being financially in sync as a
couple is very beneficial to any relationship. Couples already have to
face a lot of challenges without having the extra burden of having to
contend with family finances.
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Linking Up
The following are some suggestions on how to go about finding some
common ground for the purpose of ensuring financial possibilities of
getting everything in sync:
Perhaps the first step or exercise to attempt would be to disclose any
and all financial records. This is the best way to start as both parties
will be able to work out honestly where and how the money is coming
in and going out.
Understanding this process will also allow the couple to make all the
necessary adjustment to ensure there are no future financial disputes
within the relationship.
It is very important to be forth coming and very honest at this stage
about each other financial credentials.
Once this is clearly mapped out, the next step of discussion and
initiating financial goals can be tackled. Discussing future financial
goals will also create a stronger bond of cooperation if both parties
are agreeable to the goals set.
Working towards these goals can be a very pleasant experience
especially if both parties are equally committed.

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Once the goals are set, the couple can then move on to making their
own financial budgeting agendas.
Here too the couple would need to work together to help each other
have a better hold on their commitments and spending power. It is
usually easier to budget when there is a check and balance format in
place to guide the individual along.
Respecting each other’s needs for certain indulgences is also another
important element to be conscious off when trying to stay in sync with
each other financially. Therefore it would be a good idea not to be to
controlling in this area.

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Chapter 7:
The Dangers Of Not Getting Your Finances In Order
Synopsis
The most obvious result of not being financially savvy would be the
chances on incurring huge debts would be very high indeed. However
it should be noted that with a little thought and help, it is possible to
keep one’s finances in order, so as not to be burdened in the future
with mounting problems.
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The Perils
There are a lot of dangers that the individual or family unit will
encounter along the way if there is no control or format laid out for
financial order.
One of the dangers would be to fall so far into debt, that it would
be very difficult and sometimes impossible to get out from under
these acuminated debts.
In some cases there is simply no recourse that can be taken other
then resorting to declaring one’s self a bankrupt. This is the worst
possible scenario to be in, therefore before matters reach anywhere
near this level, step should be taken to minimize spending.
When finances are not in order, is would be impossible to spend
wisely as there would not really be any clear list on what and where
the priority for spending should be.
The danger would be to simply and blindly spend on everything
and anything without keeping proper records or tracking the
spending habits, thus causing a lot of damage to the financial
credibility of the individual. This of course will eventually affect
the family and their needs too.

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Wrapping Up
When finances are not in order, there is also the possibility of losing
the current lifestyle enjoyed, simply because those responsible for
payments can no longer make them. This pressure will not only cause
the individual to be frustrated but will also contribute to severely
damaging any relationships and family units.
Hopefully this book has given you a good start.
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Family finances

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